Uxin (UXIN) Q1 2026 earnings summary

Executive summary

• Retail transaction volume rose 142% year-over-year to 7,545 units in Q1 2025, despite a seasonal slowdown from Chinese New Year.

• Local market share in Xi'an and Hefei exceeded 15%, with both markets progressing toward full operational maturity and positive cash flow.

• Opened a new superstore in Wuhan, which ramped up quickly and is expected to reach profitability faster than previous locations.

• Plans to open 2-3 new superstores in major cities later in 2025, aiming to exceed 10,000 retail vehicle sales in Q2, representing over 140% year-over-year growth.

• Gross margin improved by 40 basis points year-over-year to 7.0%, remaining stable sequentially.

Financial highlights

• Retail revenue reached RMB 470 million, up 73% year-over-year, though down 16% sequentially due to seasonality.

• Wholesale transaction volume was 719 units, down 23% year-over-year; total wholesale revenue was RMB 22.5 million.

• Combined total revenue for the quarter was RMB 504 million, up 58% year-over-year, down 16% sequentially.

• Adjusted EBITDA loss was RMB 8.9 million, a 78% reduction year-over-year.

• Net loss attributable to ordinary shareholders was RMB 53.1 million, compared to RMB 1,925.8 million a year ago.

Outlook and guidance

• Q2 2025 retail transaction volume expected between 10,000 and 10,500 units, over 140% year-over-year growth.

• Q2 total revenue projected at RMB 630–660 million.